Capital Markets: The Rise of Non-Bank Infrastructure Project Finance

There remains a great deal of confusion among both governments and project sponsors about how best to access the capital markets for infrastructure projects. But there is a clear opportunity for the private sector to provide infrastructure financing via project bonds and non-bank lending.

In this report we identify four critical preconditions for a project bond market to take root. Delineating this list allows governments to see where policy reform is required and how they should prioritise their efforts if they wish to create a stronger environment for infrastructure project bonds: